Sen. Brian Buchanan, R-Lebanon, chats with a colleague on the Senate floor on Thursday, Feb. 20, 2025. (Leslie Bonilla Muñiz/Indiana Capital Chronicle)
The embattled Indiana Economic Development Corp. (IEDC) would face greater scrutiny in a transparency-focused proposal that unanimously passed Senate muster on Thursday — but faces an uncertain future in the House.
Senate Bill 516 establishes an office for entrepreneurship and innovation, an agenda item for Gov. Mike Braun.
But it also holds provisions taking aim at the IEDC, which has faced years worth of backlash from lawmakers and constituents alike over its secretive approach to economic development efforts like the Limitless Exploration/Advanced Pace (LEAP) Innovation Development District.
The legislation would require the quasi-public agency to tell local units of government about acquisitions of more than 100 acres — whether it’s bought in one or multiple transactions — at least 30 days before those purchases close.
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Author Sen. Brian Buchanan, R-Lebanon, got that provision out of the Senate last year but it never got a hearing in the House.
Buchanan told the Capital Chronicle he doesn’t know if it has a better chance this year.
He said he’d worked with Braun’s recently appointed commerce secretary, but wasn’t sure what that meant for the measure.
The bill also tasks the IEDC and the executives of communities that host innovation development districts — like LEAP — with annually compiling reports about the districts’ activities over the last calendar year.
And it lists what would be included: revenue received, expenses paid, fund balances, debt details, information on parcels within tax increment financing districts and the amounts locals receive in revenue-sharing agreements. The reports would go to the community’s fiscal body and to the Indiana Department of Local Government Finance.
In a news release, Buchanan said IEDC has “brought record-breaking investment in Indiana. However, many Hoosiers have expressed concerns about large purchases of land without local officials’ knowledge. (Senate Bill) 516 would ensure the state is working with locals to bring the kind of businesses communities want.”
Senate Bill 516 would split the commerce secretary and IEDC leadership roles into two positions; current officeholder David Adams is both. The news release said the change would “better align” with government structures implemented by Braun.
No other lawmakers spoke on the measure. It moves to the House after a 49-0 vote, ahead of a Thursday deadline.
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